Quick take:
- Pimlico has raised $4.2 million in a seed round led by A16z crypto.
- The Web3 startup hopes to provide the infrastructure required for the next generation of smart contracts leveraging the ERC-4337 standard.
- The platform’s early adopters include the self-custody wallet, Daimo and Patch Wallet, which allows users to receive payments using their social handles.
Pimlico has announced a $4.2 million seed round led by A16z Crypto. The UK-based Web3 infrastructure startup hopes to provide the infrastructure required to power the next generation of Ethereum smart accounts leveraging the ERC-4337 standard.
The ERC-4337 standard is a modular Ethereum standard created with the new generation of crypto wallets in mind. The standard was co-authored by ERC-4337 standard, co-authored by Vitalik Buterin, Yoav Weiss, Dror Tirosh and Pimlico co-founder and CEO Kristof Gazso.
With the new standard, “smart accounts introduce completely customizable logic, unlocking capabilities such as gas sponsorship, gas payments with ERC-20 tokens, better account recovery, spending thresholds, FaceID or passkey verification, among many other use-cases we expect from our accounts,” Gazso wrote in a blog post on Tuesday.
This fundraising also comes on the heels of the company’s launch of permissionless.js, its library of tools dedicated to helping developers build wallets and decentralised apps using smart accounts.
The company has already signed up two early adopters to its platform. Daimo is a crypto self-custody wallet created to address one of crypto’s main use cases P2P payments. On the other hand, Patch Wallet allows users to receive payments using social handles and email addresses without creating a crypto wallet beforehand.
The process of creating a cryptocurrency wallet has been one of the biggest barriers to entry into Web3 for non-crypto native users.
Pimlico plans to use the capital to accelerate the development of its platform as it seeks to “redefine smart accounts and the way people transact on-chain.”
“We’re proud to be working with a16z — they have established themselves as one of the most long-term oriented investors in the web3 space and we have thoroughly enjoyed working with them both during their Crypto Startup School and after,” Gazso wrote, adding “This investment is going to further accelerate our plans of building the most world-class team to make web3 more usable.”
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
